c. events that change a company's financial statements are recognized in theperiod they occur rather than in the period in which cash is paid or received.d. the ledger accounts must be adjusted to reflect a cash basis of accountingbefore financial statements are prepared under generally acceptedaccounting principles.37.The following is selected information from C Corporation for the fiscal yeaending October 31, 2014.Cash received from customers$150,000Revenue earned195,000Cash paid for expenses85,000Cash paid for computers on November 1, 2013 thatwill be used for 3 years24,000Expenses incurred including any depreciation119,000Proceeds from a bank loan, part of which was used topay for the computers50,000Based on the accrual basis of accounting, what is C Corporation's net income forthe year ending October 31, 2014?a. $102,000b. $86,000C. $76,000d. $110,000Leyland Realty Company received a check for $15,000 on July 1, whichrepresents a 6-month advance payment of rent on a building it rents to a client.

Question
Asked Feb 7, 2020
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c. events that change a company's financial statements are recognized in the
period they occur rather than in the period in which cash is paid or received.
d. the ledger accounts must be adjusted to reflect a cash basis of accounting
before financial statements are prepared under generally accepted
accounting principles.
37.
The following is selected information from C Corporation for the fiscal yea
ending October 31, 2014.
Cash received from customers
$150,000
Revenue earned
195,000
Cash paid for expenses
85,000
Cash paid for computers on November 1, 2013 that
will be used for 3 years
24,000
Expenses incurred including any depreciation
119,000
Proceeds from a bank loan, part of which was used to
pay for the computers
50,000
Based on the accrual basis of accounting, what is C Corporation's net income for
the year ending October 31, 2014?
a. $102,000
b. $86,000
C. $76,000
d. $110,000
Leyland Realty Company received a check for $15,000 on July 1, which
represents a 6-month advance payment of rent on a building it rents to a client.
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c. events that change a company's financial statements are recognized in the period they occur rather than in the period in which cash is paid or received. d. the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles. 37. The following is selected information from C Corporation for the fiscal yea ending October 31, 2014. Cash received from customers $150,000 Revenue earned 195,000 Cash paid for expenses 85,000 Cash paid for computers on November 1, 2013 that will be used for 3 years 24,000 Expenses incurred including any depreciation 119,000 Proceeds from a bank loan, part of which was used to pay for the computers 50,000 Based on the accrual basis of accounting, what is C Corporation's net income for the year ending October 31, 2014? a. $102,000 b. $86,000 C. $76,000 d. $110,000 Leyland Realty Company received a check for $15,000 on July 1, which represents a 6-month advance payment of rent on a building it rents to a client.

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